Since taking over as CEO of Mastercard (NYSE: MA) on July 1, 2010, Ajay Banga has led this blue chip stock to an almost 15-fold increase in stock price -- from $21 a share to more than $313, in the space of 10 short years.
And now his work is done.
Mastercard announced this morning that on January 1, 2021, Banga will step down from his position and become instead the company's executive chairman of the board. Current chairman Richard Haythornthwaite will simultaneously retire from the chairman's position on that date -- and chief product officer Michael Miebach will be promoted to Mastercard's new CEO.
Source Fool.com